The post Cardano Price: Will 15-Month Accumulation Lead To New Highs? appeared on BitcoinEthereumNews.com.

Cardano (ADA) price saw a notable market resurgence, registering an 11% increase in market cap on a day marked by overall retractions in the cryptocurrency landscape. This surge was part of a broader trend observed since November 2023. Where wallets holding over 1 Million ADA began a consistent phase of accumulation. During this 15-month period, these substantial holders added 1.41 Billion ADA, equating to 2.35% of the total circulating supply. This strategic accumulation by whales and sharks bolstered ADA’s price by 107% since the start of their buying cycle. It signals strong confidence in the asset’s value amidst market fluctuations. Also further analysis reflected a significant rise in the total coins held by these large-scale investors. That contrasts with the general market trends. – Advertisement – ADA whale & shark activity | Source: Santiment This denotes a robust demand at higher accumulation levels. It could stabilize prices even as smaller investors might sell off during dips. Conversely, if the accumulation trend reverses, or if these large holders begin to offload their positions, it could lead to a sharp decline in price. The wallet activity by whales and sharks will be crucial for predicting ADA’s future price movements, as their investment behavior has historically influenced market dynamics profoundly. These on-chain observations hinted at sustained growth if the accumulation continues, or possible corrections should it cease. Why Cardano Price Could be On The Verge of a Rebound Diving into the price action of Cardano, showed a significant breakout as its recent ascent on the chart denoted. This move was characterized by a strong push through a major descending trendline that had previously capped prices. As the breakout occurred, ADA’s price surged past the Fibonacci retracement level of 0.618 at approximately $0.7944, reaching towards the $0.83 mark. The price momentarily breached the resistance…

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Filed under: News - @ February 13, 2025 3:25 pm